Tuesday, December 14, 2010

Low Doc Loans? Ship ‘em in!

Given that the AOFM’s RMBS purchase program seems to be a growing in importance, I thought it might be useful to see what sort of mortgage backed securities they are able to buy.  I found this in a September 2010 investor presentation:


Low doc loans?  10 year I/O loans?  Once upon a time the AAA rating requirement would have dispelled any concerns about these types of instruments, but I thought those days were long gone.

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